CCEA clears 3 Joint venture Railway projects

The minister for railways, Mr Pawan Kumar Bansal, today announced the decision of the Cabinet Committee on Economic Affairs to approve three important railway projects to be funded through joint venture.

The CCEA approved the construction of a new broad gauge line between Raigarh (Mand colliery) to Bhupdeopur railway station of 63 km length at a cost of Rs 379.08 crore to be funded through a joint venture (JV) consisting of IRCON International Ltd (a railway PSU) and two other stakeholders, South Eastern Coalfields Ltd (SECL) and Government of Chhattisgarh.

IRCON will spearhead the process of formation of a Special Purpose Vehicle (SPV) with 26 per cent equity and the Government of Chhattisgarh will transfer government land free of cost.

The Government of Chhattisgarh will thus participate to the level of 10 per cent in equity, either through capitalisation of land or through cash contribution and SECL will take the balance equity. The project is likely to be completed in the next five years during the 13th Plan period.

http://thestatesman.net/index.php?option=com_content&view=article&id=442511:ccea-clears-3-railwaynprojects&catid=40:business&from_page=search

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